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widen your opportunities Dual membership for IIA and CIPFA members

Contents 3 Advance your career 4 CIPFA fast track route for IIA members 5 Benefits of CIPFA membership 6 IIA fast track route for CIPFA members 7 Benefits of IIA membership 7 Getting started

CIPFA and the IIA are working together more closely than ever to ensure public sector internal auditors and finance professionals have the support they need to develop their careers. Read this brochure to discover how you can enhance your skills and career through your membership of CIPFA or the IIA. Information is also available online at: www.cipfa.org/iia www.iia.org.uk/CIPFA

About CIPFA CIPFA is the only accountancy body in the world that specialises in public financial management. This makes CIPFA the global authority on public finance matters. As a result governments, councils, non-government organisations, the NHS and more turn to CIPFA and its members for advice. CIPFA stands for sound public financial management and good governance globally.

About the Chartered Institute of Internal Auditors (IIA) The IIA is the only professional body focussed exclusively on internal audit across all sectors. It represents the views and interests of its members in the practice, development and promotion of internal audit in the UK and Ireland. It is part of the global network of institutes of internal audit, which represent 180,000 members in 190 countries. 2

CIPFA | widen your opportunities

advance your career Gain a further professional qualification CIPFA and the IIA offer fast track routes for qualified members of the IIA to become chartered public finance accountants and for qualified CIPFA members to become chartered internal auditors Advance your public sector career – in as little as six months and complete just three papers through the fast track routes to CIPFA and IIA qualifications. Entrants via these fast track routes do not need to complete workplace practical experience requirements.


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CIPFA fast track route for IIA members IIA members are entitled to maximum exemptions, leaving only three exams to become a Chartered Public Finance Accountant (CPFA). These are Public Sector Financial Reporting, Public Finance and Governance, Public Policy and Ethics which can all be sat in one sitting.

Public Sector Financial Reporting

Governance, Public Policy and Ethics

Put your finance skills to practice in the public sector context:

Policy-making, ethics and the principles of good governance:

Identify and explain the external

Identify the contexts that underpin

financial reporting framework for the public services. Prepare the key external financial

statements for public service organisations applying relevant current statute, regulation and accounting standards. Discuss the regulatory framework

for measuring performance in public service organisations.

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policy-making structures and analyse the key actors and structures in the public policy-making process. Evaluate key contemporary

policy issues and appraise public service reform. Apply the principles of good

governance and ethical behaviour within the public sector.

Public Finance This is a half module with IIA members exempt from the Taxation half. For this paper you will need to: Identify and discuss the main classes

of public expenditure and public revenue and their interaction with public policy development. Explain the origins and implications of

public borrowing and debt. Discuss taxation theory and evaluate

the impact of UK taxes on public sector financing and responsibilities. See our website for further syllabus details: www.cipfa.org/pq

benefits of CIPFA membership Becoming CIPFA qualified will widen your horizons. As a chartered accountant you will be able to work in a range of different areas and target your ambitions. Become a chartered accountant and use the designatory letters CPFA.

As a CIPFA member build new networks and access a range of support and resources. Dual membership – holding two professional qualifications is an excellent

way to gain greater credibility and direction in your career. By studying CIPFA in addition to your current qualification, you will

stand out from the crowd and quickly advance your career. Target your skills to your industry – strengthen your knowledge and skills

in public finance and become an expert in your field. CIPFA qualified accountants are the most knowledgeable and informed

finance professionals in the public sector. By studying CIPFA in addition to your current qualification, you improve

your status and potentially increase your earnings. IIA members qualifying through this route pay no exemption fees and do not need to complete the workplace practical experience requirements.


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IIA fast track route for CIPFA members An accelerated route to chartered internal auditor status and the CMIIA designation is available from the Chartered Institute of Internal Auditors (IIA) for qualified CIPFA members. Holders of the CPFA designation with a minimum of three years’ recent internal audit experience are eligible for a three paper route as follows (conditions apply):

Internal Audit Practice (P7)

Risk Assurance and Audit Management (M3)

Final case study (M4)

Explain the development of

Apply deep insights into the

Critically evaluate a complex

governance, risk and control. Evaluate the role and purpose of

internal audit and the contribution it makes to operational and strategic effectiveness. Analyse risks and controls, with

particular emphasis on financial activity and information systems. Describe and apply the professional

standards for internal audit as represented by the International Professional Practices Framework.

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management of internal audit and the role of the Head of Internal Audit. Analyse different approaches for

enhancing the quality of internal audit services provided. Evaluate the strategic role of

internal audit planning, delivery and management.

scenario and provide analysis and recommendations relating to governance, risk and control. Describe and apply the professional

standards for internal audit as represented by the International Professional Practices Framework.

benefits of IIA membership A rewarding, challenging and varied career in internal audit demands specialist knowledge and skills. Successful internal auditors need to be fully conversant in strategic and technical risks and be ready to take a more prominent role within the organisation. Enhance your knowledge and skills – get access to

extensive specialist resources which will help you meet the challenges of the job. Demonstrate your professionalism in the field – the CMIIA

designation shows that you hold the most advanced qualification for internal auditors in the UK and Ireland. Gain the credibility and authority you need to make a

difference to your organisation – the qualification will boost your confidence and help you effect change. Becoming a Chartered Internal Auditor will enhance

your career prospects – the qualification is recognised internationally and across all sectors.

getting started Members will need to register as a student and for the exams they wish to take. Both bodies offer a range of study options including classroom tuition, revision and exam support, learning materials and webinars. IIA exams take place in June and November and CIPFA exams in June and December. Exam entry deadlines are March and September for both fast track routes. For further information on the Chartered Internal Auditor fast track: T: 020 7498 0101 E: [email protected] www.iia.org.uk/cipfa For further information on the Chartered Public Finance Accountant fast track: T: 020 7543 5656 E: [email protected] www.cipfa.org/iia

Find out more at www.iia.org.uk/cipfa (and preview some of our guidance).


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Registered office: 3 Robert Street, London WC2N 6RL T: 020 7543 5600 F: 020 7543 5700 www.cipfa.org

Registered office: 13 Abbeville Mews, 88 Clapham Park Road, London SW4 7BX T: 0207 498 0101 www.iia.org.uk

The Chartered Institute of Public Finance and Accountancy. Registered with the Charity Commissioners of England and Wales No 231060 CIPFA Business Limited, the trading arm of CIPFA that provides a range of services to public sector clients, registered in England and Wales no.2376684

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